With another solid year of growth and expansion under our belts, we are proud to be the #1 Third-Party Lender Originator of SBA 504 loans in the State of Minnesota – for the second year in a row!
Being number one did not happen overnight.
With a long history of supporting small businesses in the Twin Cities metro area – we’ve made a strategic effort to become experts in loans backed by the Small Business Administration (SBA). Having achieved strategic milestones, we have hit an important stride over the last three to five years.
Working together at 21st is a talented team of sales, credit, loan preparation, and servicing staff – along with our external partners at Twin Cities Metro (TCM), a Certified Development Company, or CDC. Each plays an essential role in delivering this specialty product to our clients.
The collaboration we have developed with Twin Cities-Metro (TCM) is a crucial component of our success. Sheil Nelson, a senior loan officer at TCM, has been a great partner of 21st Century Bank for the past 15 years – since the first SBA 504 loan I originated.
Since that point, we have become Sheil’s top bank client for the past ten years. He gives us excellent attention, which we are grateful for, and his deal skills are a big reason why 21st Century Bank has a competitive advantage over other SBA 504 lenders. Any banker can work with any loan packager, but banks that do the most loans year after year will get the most attention from the highest-level SBA packagers.
This past year our lending team has again worked with a broad range of small businesses that have benefited from SBA 504 funding. Proceeds from an SBA 504 loan can be used for direct expenditures to acquire, construct or convert a facility for company expansion. Other potential uses that could qualify include; site improvements, renovations, acquisition of machinery and equipment, or professional fees directly attributed and essential to the project.